The lake has a maximum length of two and a half kilometres and maximum width of one kilometre. It is fed by precipitation, glaciers and springs. The lake water outflows to a nearby Nundkol Lake and then via Wangath nallah to Sind River The trout fishes are present in the lake.
The Gangabal lake is approached from Srinagar 45 kilometres by road via Ganderbal up to Naranag and then a trek of 15 kilometres upslopes leads to the lake, which can be covered by a horse ride or by foot. The shepherds and gujjars can be seen during the trek with their flocks of sheep and goats. Another trek (25 kilometres long) leads to the lake site from Sonamarg via the Vishansar Lake crossing three mountain passes Nichnai pass, Gadsar pass and Zajibal pass of an average elevation of 4100 meteres. It can also be accessed through a trek from Bandipore via Arin.
In Hindu tradition Gangbal is also called Harmukut Ganga, and it is believed that this place is as pious as Haridwar where Hindu pilgrims perform prayers and immerse ashes of the dead. A traditional annual three-day-long yatra has been revived by APMCC and Kashmiri Pandits to preserve their cultural and religious history. This Harmukh Gangbal Yatra is performed annually in the month of September.